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President Erdogan approves Tax Code, encourages renewable energy resources

According to the law, infrastructure investments such as water, sewage, treatment and natural gas will be exempted from VAT.


Devdsicourse News Desk Turkey
Updated: 27-03-2018 22:40 IST
President Erdogan approves Tax Code, encourages renewable energy resources

To make the housing account system more efficient, the government contribution of 20 percent will increase to 25 percent. (Image credit: Pixabay)

President Recep Tayyip Erdogan endorsed the "Law on the Amendment of Tax Laws and Certain Laws and Decrees on the Decree Law" numbered 7103, known as the "bag law" in the public opinion, as per Mynet.

In order to encourage the participation of women in the working life, the nursery and day care centre, which is a part of the wage given to the pre-school age children by the employers, is excluded from the tax.

Renewable energy resources are encouraged

The use of roofs or facades of residential buildings, including those located in apartment buildings, for the purpose of generating electricity based on renewable energy sources will be encouraged. Those who sell the excess supply of electricity generated in this way to the latest resource supply company will be included in the tax-exempt trades.

Industrial zones

According to the law, infrastructure investments such as water, sewage, treatment, natural gas, electricity, communication facilities, road construction, made and organized in the industrial zones and small industrial sites of the region, and goods delivery and service work related to construction of the workplaces in small industrial sites will be exempted from VAT.

Incentives for nuclear power plants

In the case of natural disasters and warfare as well as other similar situations, such as partial or general mobilization, general epidemics, activities and obligations that are prevented from fulfilling and the liability arises from reasons other than that of the entity, the rights, and obligations of the petroleum right holder shall be deferred, as per Mynet.

Akkuyu Nuclear Power Plant Project and nuclear power plant investments signed with Japan will be able to benefit from the incentives and supports provided for in the Decree on State Aids in Investments put into effect by the decision of the Council of Ministers.

Housing Support

By law, residential support for citizens is being increased. To make the housing account system more efficient, the government contribution of 20 percent will increase to 25 percent.

Government contribution payment will not exceed the maximum of USD 5029. The Council of Ministers will be authorized to increase this amount up to 3 times.

COUNTRY : Turkey

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